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A loophole is something that occurs unintentionally when a law is passed; an accidental and/or unintended consequence that allows an action to occur which seems to skirt the law - an action which the author(s) of the law did not foresee.

If I recall correctly (which I may or may not - I'm pretty old!), this so called "loophole" of not requiring a background check on private sales was actually a hard fought negotiation when the Brady bill was being debated in Congress. Opponents were very well aware that the law, as originally written, would prohibit private sales without a background check. Proponents of the law knew this too, and desired it, but had to compromise with the opponents on this point after considerable debate in order to pass the rest of the provisions of the bill.

This so called "loophole" is not an actual loophole at all - it is a hard-won feature which resulted in private citizens being able to continue to keep our private affairs private (for a while, at least).

I'll try to do a little research to see if I can come back with references. In the meantime, feel free to correct me if I'm wrong.